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Aberdeen remains acquisitive

Aberdeen Asset Management is still on the acquisition trail following its takeover of Credit Suisse Asset Management, its chief executive says.

In its interim results, released today, the group said the merger will be completed on June 30.

Martin Gilbert, the chief executive, said in a statement: “We have a broad spread of activities, a strong balance sheet and a relentless focus on costs. Taken together, these give us a significant advantage over some of our competitors and we remain interested in taking advantage of any suitable expansion opportunities that may present themselves in the downturn.

“Meanwhile our acquisition of the Credit Suisse business is proceeding on schedule and once complete will further strengthen our global network.”

Aberdeen achieved £192.2m of revenue over the six months to March 31, 2009.
It wrote a net £8.5 billion of new business over the reporting period, and assets under management now stand at £96.3 billion. This is a slight fall from March 2008, when assets totalled £107.3 billion.

Aberdeen says its plans to cut costs by £77m are proceeding on schedule, and a further cost-cutting exercise is planned to save another £20m.

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